{"id":210,"date":"2022-01-29T12:35:00","date_gmt":"2022-01-29T12:35:00","guid":{"rendered":"https:\/\/etenentrepreneur.info\/?p=210"},"modified":"2022-03-08T22:41:51","modified_gmt":"2022-03-08T22:41:51","slug":"salt-deduction-has-rusted-out-your-2019-itemized-deductions","status":"publish","type":"post","link":"https:\/\/etenentrepreneur.info\/?p=210","title":{"rendered":"SALT Deduction &#8211; has rusted out your 2021 Itemized Deductions"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"714\" src=\"https:\/\/etenentrepreneur.info\/wp-content\/uploads\/2020\/02\/iStock-472494550-1024x714.jpg\" alt=\"A picture of a rusted out boat\" class=\"wp-image-217\" srcset=\"https:\/\/etenentrepreneur.info\/wp-content\/uploads\/2020\/02\/iStock-472494550-1024x714.jpg 1024w, https:\/\/etenentrepreneur.info\/wp-content\/uploads\/2020\/02\/iStock-472494550-300x209.jpg 300w, https:\/\/etenentrepreneur.info\/wp-content\/uploads\/2020\/02\/iStock-472494550-768x535.jpg 768w, https:\/\/etenentrepreneur.info\/wp-content\/uploads\/2020\/02\/iStock-472494550-1536x1070.jpg 1536w, https:\/\/etenentrepreneur.info\/wp-content\/uploads\/2020\/02\/iStock-472494550-2048x1427.jpg 2048w, https:\/\/etenentrepreneur.info\/wp-content\/uploads\/2020\/02\/iStock-472494550-1200x836.jpg 1200w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"if-you-itemize-your-deductions-the-aggregate-amount-of-state-and-local-taxes-shall-not-exceed-10-000\">If you itemize your deductions, the aggregate amount of SALT State and Local Taxes shall not Exceed $10,000.<\/h2>\n\n\n\n<p><em><strong>SALT TAXES ARE<\/strong>:<strong> State and Local Taxes are Real Estate Taxes, State and Local Income Taxes, State and Local Personal Property taxes.<\/strong><\/em><\/p>\n\n\n\n<p>Based on our experience from the 2021 tax season (2020 Form 1040),  the $10,000 SALT limitation forced many taxpayers to use the <a href=\"https:\/\/www.irs.gov\/forms-pubs-search?search=itemized+deductions\">Standard Deduction<\/a>. <\/p>\n\n\n\n<p>For your 2021 Form 1040 The Standard Deductions per the IRC are:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Married Individuals Filing Joint Returns<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;$ 25,100 <\/td><\/tr><tr><td>Heads of Households<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;$ 18,800 <\/td><\/tr><tr><td>Unmarried Individuals<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;$ 12,550 <\/td><\/tr><tr><td>Married Individuals Filing Separate Returns<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;$ 14,250 <\/td><\/tr><\/tbody><\/table><figcaption>Standard Deductions <\/figcaption><\/figure>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"e-ten-broeck-predictions\">E Ten Broeck SALT predictions: <\/h2>\n\n\n\n<p>Due to the fact that taxpayers who used to itemize are now forced into the Standard Deduction, I have the following predictions:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Charitable deduction:<\/strong> There will be a decline in charitable giving.  Tax savings motivate charitable giving. <\/li><li><strong>Mortgage Interest Deduction:<\/strong> There will be a decline in Home Ownership, more taxpayers will  consider renting verses owning a home. Same applies to Real Estate Taxes.  Tax favored deductions like mortgage interest and real estate taxes encourages home ownership. <\/li><li><strong>SALT Taxes:<\/strong> Taxpayers will consider moving to states that offer lower lower real estate and income taxes. In other words, did you see the exit New Jersey for good sign, last time you drove the New Jersey Turnpike?<\/li><li><strong>Employee Business Expense Deduction:<\/strong> Employees with high out-of-pocket expenses will form LLC&#8217;s.  Self employed people will move these business expenses to Schedule C. <\/li><li><strong>Investment Interest Deduction:<\/strong> Investors will seek lower fees,  and\/or use discount brokers. <\/li><\/ul>\n\n\n\n<p>Thanks for reading this post. Lastly, send me your thoughts and comments at: eric@etenentrepreneur.info<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you itemize your deductions, the aggregate amount of SALT State and Local Taxes shall not Exceed $10,000. SALT TAXES ARE: State and Local Taxes are Real Estate Taxes, State and Local Income Taxes, State and Local Personal Property taxes. Based on our experience from the 2021 tax season (2020 Form 1040), the $10,000 SALT &hellip; <a href=\"https:\/\/etenentrepreneur.info\/?p=210\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SALT Deduction &#8211; has rusted out your 2021 Itemized Deductions&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-210","post","type-post","status-publish","format-standard","hentry","category-income-tax-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SALT Deduction - has rusted out your 2021 Itemized Deductions - E Ten Entrepreneur<\/title>\n<meta name=\"description\" content=\"The state and local Itemized deduction limited has rusted out your itemized deductions on your Form 1040. 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